Five Ways The MBA Has Evolved To Meet The Modern Business World
Trying to determine a Master of Business Administration’s relativity to the real world? Rest assured, studying an MBA in Australia does not result in endless hours of mulling over dusty business tomes in a windowless classroom. Business schools have restructured their programs to embrace modern teaching practices and ensure their MBAs have direct relevance in the world today. Here are some of the innovations changing the way we study an MBA.
‘Learn by doing’ has become the preferred approach when delivering an MBA program. Business schools have shifted the focus from theoretical learning to curriculums that encourage students to leverage their fundamentals into practical applications. This is done by participating in real-world case studies, business case projects and other practical applications of knowledge under relevant business world conditions. Business schools often partner with companies in order to source the latest case studies, business trends and most current industry challenges.
Industry Leaders as Teachers
While those who are academically tried and tested will always have a place in the classroom, many MBA programs integrate guest lecturers and consultants into the curriculum. These industry experts partner with business schools to impart with MBA students their real-world wisdom. Students learn exactly what the business climate is like outside of university, because their teachers have lived it. By incorporating industry leaders as teachers, MBA students gain a greater level of insight into business than what can be read in a textbook.
MBA programs are today delivered either partially or completely online so students can complete courses in their own time and comfort. Many students are time-poor professionals who have the drive to obtain an MBA but need to balance their studies with social and professional commitments. Online MBAs not only provide a more flexible program, but also give students access to new-age resources like instant communications tools and the most up-to-date study materials.
Project/Problem Solving Assessment
Traditional assignments and final exams are quickly being replaced by projects and problem solving assessment pieces that test a student’s practical business knowledge. Business schools around Australia now test their MBA students by issuing a case study or a business challenge, and tasking them with devising an appropriate solution to the problem. This style of assessment gives students a platform to think outside the classroom and apply their knowledge to a real-world scenario.
New World Preparation Classes
New MBA programs are being developed across Australia in light of the shifting business trends and economies. These programs focus on innovation, entrepreneurship and technology in order to prepare MBA students with all the knowledge and information necessary to succeed in a modern business climate.
Ben Ready is the founder and Managing Editor of MBA News Australia (mbanews.com.au) and Online MBA (online-mba.com.au). He is a journalist, communications and digital marketing expert and also the founder of RGC Media & Mktng (rgcmm.com.au). He is a passionate advocate of MBAs and believes everyone who aspires to career advancement should get one.